Barry Bledsoe, president of The Baptist Foundation of Alabama, challenged messengers attending the Alabama Baptist State Convention in Montgomery to be good financial stewards by improving management of their estate assets.
Bledsoe reported that Alabama Baptists rank in the top 10 states in the nation in giving of their income but rank near the bottom in giving of their assets. He said national studies had shown that for average Americans, income cash assets comprise 10 percent of net worth and 90 percent is in non-income cash assets.
Although Alabama Baptists gave $5 million to local churches last year, it largely came from the 10 percent income cash assets. Citing Luke 19 and the parable of the servant with the coins, Bledsoe encouraged messengers to consider how to improve stewardship. “Are the 10 coins we’re responsible for being good stewards of the 10 percent or the 100 percent?”
Bledsoe outlined three objectives for reaching the entity’s primary goal during his report.
“The goal of the Foundation is to be a resource to the local church or the Baptist entities,” Bledsoe said.
Sound management
To accomplish that Bledsoe said the Foundation was striving to be technologically sound by updating its technical management and resources and academically sound by adopting a modern portfolio theory using 12 managers across the country.
The Foundation’s third focus is ministry development, according to Bledsoe, which encompasses performing investment services for churches and other Baptist entities. He said the Foundation manages $50 million for Alabama Baptists.
He classified ministry services into several categories. Administering permanent endowment funds is part of the Foundation’s ministry. The Foundation also helps local churches, associations and other Baptist entities establish estate and charitable gift plans.
Eldercare is another facet of ministry in which the Foundation steps in to help its aging, ailing clients manage life. Bledsoe said that to his knowledge such ministry was unparalleled in the country. The Foundation also provides scholarship administration.
Demonstrating the Foundation’s own desire for improved stewardship, Bledsoe said that rather than hiring additional development staff, the Foundation would be partnering with the State Board of Missions to teach stewardship throughout Alabama churches.
“If we can capture that vision, I believe there will be significant funds over the year to fund things like disaster relief and the Cooperative Program.”
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